Toy manufacturer Hasbro faces significant challenges as it struggles with soft sales and prepares for the holiday shopping season. The company is set to lay off approximately 1,100 employees in addition to the 800 already let go earlier this year. This move comes as Hasbro grapples with declining sales, particularly in popular brands like My Little Pony, Nerf, and Transformers, which have seen an 18% decrease in sales. The company’s stock has also fallen nearly 20% recently.
Hasbro’s CEO, Chris Cocks, acknowledged the difficulties faced by the company, attributing them to market headwinds and the aftermath of the pandemic-driven sales highs. The company is implementing these job cuts as part of its strategic transformation to modernize its organization and ensure long-term profitability. While this news is tough, Hasbro offers comprehensive packages to affected employees, including job placement support.
Despite the challenges, Hasbro remains committed to its mission and plans to invest in new systems, insights, product development, and digital expansion. The company aims to unlock potential across its business by leveraging supply chain efficiency, direct-to-consumer capabilities, and key partnerships……..[read more]
How can businesses like Hasbro adapt to changing market conditions while maintaining their core mission and values?
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